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Analyst
Stephanie Moore
Period: Reporting periods mapped to calendar 2025 Q1 – 2026 Q2 (6 quarters).
- Questions
- 51on tracked calls
- Challenge rate
- 0%none of 51 questions
- Companies
- 11questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 51 of 51 questions from 11 companies
RSGRepublic Services10 questions · 6 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
Wanted to get an update on just the returns of those investments, how they’re trending as they stand today.
Show response
CEO said polymer center demand is strong (could sell out 3-4x) and pricing is exceeding assumptions; next areas include organic material and flexible packaging diversion.
Calendar 2026 Q1
I wanted to see if that's an area that you guys have tackled as of late. And at the same time, I think you've talked in the past about some opportunity with AI and algo-based routing.
Show response
CEO detailed AI-driven surgical pricing using dozens of variables for bespoke customer pricing. Routing requires extensive upfront data work; benefits start H2 2027, scaling in 2028.
Calendar 2025 Q4
did you give what your underlying kind of inflation expectations were for 2026
Show response
Brian confirmed approximately 3.5% overall cost inflation for 2026.
ISM manufacturing PMI kind of inflecting to expansionary for the first time in January for some time
Show response
Jon noted positive signs in western U.S. but mixed signals elsewhere, with unit output per facility still flat and construction needing 3-4 more months to assess.
Calendar 2025 Q3
Do you think it just general rationality? I mean, obviously, inflationary, but we also hear a lot from general customers with price fatigue
Show response
Jon attributed pricing power to waste being a tiny fraction of customer costs, industry-wide underpricing, customer mix optimization, and sophisticated pricing tools.
I wanted to also gauge your appetite and maybe doing a larger deal M&A at this time
Show response
Jon noted nothing is impossible but focus remains on small- and medium-sized deals through 2026-2027, with a very strong pipeline in both R&W and ES.
Calendar 2025 Q2
if you could talk a little bit about what's next in terms of how you can maybe harvest that data
Show response
Jon described AI-assisted route optimization where every minute saved across the system is worth $4 million to $5 million, plus digital customer retention benefits.
how the centers that are open are performing in terms of efficiency rates compared to what you've been targeting, pricing opportunity
Show response
Jon noted Vegas had initial learning curve on quality specs but Indianapolis hitting marks from captured learnings, with demand for recycled PET exceeding supply.
Calendar 2025 Q1
if you could talk about how the ones that are open are performing, maybe hitting, you know, the certain kind of rates or efficiency rates
Show response
John reported strong demand and volume assumptions met, with Indianapolis startup benefiting from Vegas learnings. RNG investments were made pre-IRA and remain viable.
what would cause you to consider bringing in, you know, external or outside volumes into those polymer centers
Show response
John confirmed plan to gradually increase external volumes during the twelve-month ramp, with decision on a potential fifth facility after four are completed.
WMWaste Management6 questions · 5 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
it would be helpful if you could maybe bucket the areas where you are seeing strength.
Show response
Morris named price-to-cost spread outperformance versus the 250 basis point milepost and Healthcare momentum; Hemmer added that all businesses contributed to margin.
Calendar 2025 Q4
any areas that are particularly interesting as you think about the next couple of years
Show response
Jim confirmed $100-200M M&A range for 2026 and beyond, staying within traditional solid waste. David emphasized balanced approach with share repurchase starting this quarter and continuing as ongoing program. Disciplined acquisition pricing approach.
Calendar 2025 Q3
I wanted to get a gauge of your appetite as you think about 2026 and even 2027 about looking at deals or opportunities outside of the traditional solid waste space
Show response
Jim confirmed WM will stay close to core: solid waste, hazardous waste, and medical waste. Stericycle was the farthest venture, and WM has enough on its plate currently to avoid new adjacencies in the near term.
Calendar 2025 Q2
if you could talk a little bit about the M&A environment in particular anything that you can speak to in terms of pipeline
Show response
John confirmed $500M M&A target on track. Completed D.C. regional acquisition. One sizable deal expected to close Q3-Q4. Pipeline remains strong, carried over from record 2024.
just talk through how you kind of expect the second half cadence to look in light of normal seasonality
Show response
Devina expects slightly muted C&D seasonal uplift due to landfill mix, offset by improving Healthcare Solutions drag (-10-20bp better) and recycling (+10bp from commodity comparison).
Calendar 2025 Q1
can you talk a little bit about where labor turnover stands today, an update on your journey of kind of optimizing labor
Show response
John detailed 2,600 roles eliminated through attrition with 940 more planned in 2025, mainly from recycling automation and residential route conversion. Fleet planning tech also reducing labor dependency.
CSXCSX Corporation5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
maybe just help us understand when we would expect to maybe see some of those benefits come through
Show response
Maryclare reaffirmed same-store pricing stronger than last year, cited tightening truck capacity and recent rail asset contract renewals, and noted international intermodal is less tied to the truck market.
Calendar 2026 Q1
I wanted to maybe touch on what you're seeing from an overall macro and freight environment
Show response
Maryclare provided detailed market-by-market update covering housing, auto, chemicals, and truck conversion tailwinds.
Calendar 2025 Q4
how you are positioning the company in the wake of what could be a, you know, a pretty transformational deal
Show response
Steve drew on his Praxair experience where deal purgatory lasted three years. Said CSX will manage risks, capitalize on near-term opportunities, and prepare to make its case to authorities while focusing on daily improvement.
Calendar 2025 Q3
how you are positioning the company to essentially capitalize on both of those factors
Show response
Sean detailed how Blue Ridge and Howard Street completion plus strong cost momentum sets up 2026. Steve addressed strategic positioning by noting STB standards from the UP-SP merger era and commitment to competitiveness.
Calendar 2025 Q2
If you could just talk a little bit about what drove maybe those decisions
Show response
Joe explained the restructuring was driven by revenue coming in below expectations from fuel/coal prices and operational issues. Each business segment challenged to find 5% efficiency.
CTASCintas5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2025 Q4
maybe just talk about how this can inform your pricing strategy going forward
Show response
Pricing unchanged at historical levels. Long-term thinking on pricing supports retention. Must extract inefficiencies rather than raise prices due to ultra-competitive environment including e-commerce and big box retail.
Calendar 2025 Q3
as you think about what you have in place now and the ability to leverage AI and machine learning and the likes of everything that we're talking about now, what are the conversations like internall...
Show response
Two focus areas: making it easier for customers (account management, purchasing, billing) and making employee partners more successful (best product, best prospect tools). Leveraging engineering and Six Sigma teams alongside technology.
What is your appetite to further expand your Fire and Safety business? And how do you leverage both doing so organically as well as potentially opportunistic M&A
Show response
Very active in Fire M&A with acquisitions almost every quarter. Mix of footprint expansion and tuck-ins. Each drives different value: new markets vs synergies and efficiencies.
Calendar 2025 Q2
are there any areas or that you would look at expanding in M&A outside of kind of the core uniform area
Show response
No need to expand outside route-based businesses. Opportunity remains significant with 1M of 16-17M businesses served. Staying disciplined.
if you're seeing any kind of weakness or strength in particular end markets. You know, maybe the manufacturing sector, for example
Show response
No real weakness seen. Goods-producing under more pressure, services-providing fulfilling demand. Hopes for more manufacturing returning to US.
ROLRollins, Inc.5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2026 Q1
if you could just talk about what gives you confidence that you'll be able to see some improvement
Show response
Ken said excluding insurance/claims and fleet gains headwinds (~100bps total), Q1 incrementals would have been approximately 20%, consistent with expectations for a low-volume quarter. Fleet gains headwind should reverse in Q2. Jerry added people leverage is the biggest opportunity as growth accelerates.
Calendar 2025 Q3
Have you seen any impact to your business just from some of these AI initiatives, where you're starting to see AI kind of take over in the search engine optimization
Show response
Jerry acknowledged AI disruption in search but said close rates improved due to higher-quality leads. Multi-brand diversification across channels means not beholden to any single platform.
If you could talk a little bit about your current pipeline and expectations kind of to end 2025 and into 2026
Show response
Jerry noted 7 deals closed in Q3 despite Saela, showing strong pipeline. Building infrastructure to process more deals as growth requires larger M&A contributions. Ken emphasized acquirer-of-choice positioning.
Calendar 2025 Q1
Do you think this actually could be an enabler of your M&A strategy, willing sellers looking to just kind of throw in the towel
Show response
Jerry doubted macro would drive more sellers. Ken added preferred targets are multi-generational family businesses that don't sell based on short-term macro.
can you talk about maybe levers that you pull to maintain client retention in a recessionary environment?
Show response
Jerry shared 2008 experience: even during GFC, retention held due to technician relationships. Can offer holds, monthly billing conversions, market-by-market adjustments.
UNPUnion Pacific Corporation5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
I wanted to ask a little bit about just maybe the industrialization theme that we're seeing across the U.S.
Show response
Rocker pointed to a strong industrial-development pipeline of about 200 RFIs with new customers like Hyundai Steel and AGP.
Calendar 2026 Q1
what do you think the market is missing about just the intrinsic value of the network, especially post deal
Show response
Eric detailed AI applications including automated movement planner for dispatching, Mobile NX for terminal automation, and terminal command center. Jim highlighted autonomous locomotive fuel conservation capabilities in development.
Calendar 2025 Q4
can you talk a little bit about the pricing opportunity going forward for you guys
Show response
Kenny identified two structural headwinds: coal contract mechanisms that helped in 2025 and the three-year-old domestic intermodal pricing weakness. Outside those, the team's pricing mindset and approach remain unchanged. Jennifer noted rail remains more price-competitive than truck.
Calendar 2025 Q3
Can you talk about your level of confidence and the steps you can take to implement your service best practices
Show response
Eric emphasized daily optimization at terminals and interchange points scales naturally to the combined network. Jim cited his CN-to-UP transition experience and reiterated that every railroad should have ORs within 100 basis points of each other.
Calendar 2025 Q2
if you wanted to share any puts and takes about anything that might not continue from the second quarter into the third quarter
Show response
Jennifer noted the Brakeperson charge won't repeat, but warned of unusual volume cadence with sequential H2 declines from international intermodal comp normalization.
Show 5 more companies
ODFLOld Dominion Freight Line4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q1
maybe if you could touch specifically on private capacity. I think that's an area that maybe doesn't get as much airtime
Show response
Adam estimated 5-10% excess industry capacity overall, noting shipments per day per service center are similar to 2022 capacity-constrained levels, and that Yellow's 300+ service centers didn't all stay in the industry.
Calendar 2025 Q4
Is there any any way you can parse out the end markets or there's any concentration of end markets where you're hearing some of that optimism
Show response
Adam said optimism is broad-based rather than concentrated. 55-60% of revenue is industrial. Inventory levels reported lower, suggesting replenishment cycle ahead. Housing improvement would drive multiple freight categories. Healthy consumer spending ultimately drives sustained demand recovery.
Calendar 2025 Q2
any thoughts on where the LTL industry fits in, in general, with this potential transcontinental railroad
Show response
Adam dismissed direct LTL impact from railroad consolidation. Sees it as downstream supply chain effect, not correlated to LTL business levels.
Calendar 2025 Q1
if there's any commentary you can provide about some end market performance by sector or subsector
Show response
Adam declined to break down by SIC code but noted good diversification. Top 10 customers include ~5 3PLs. Industrial accelerated in Feb/Mar correlated with ISM above 50.
UPSUnited Parcel Service4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
I wanted to touch on peak season, maybe how peak season is shaping up so far this year
Show response
Tome said customer peak forecasts are only just arriving but gave the planned sequential lift; Dykes added that pricing remains rational.
Calendar 2026 Q1
there are a lot of articles out there in the news that are kind of discussing maybe a little bit less willingness
Show response
Carol directly refuted negative media coverage, saying the program was oversubscribed with more drivers applying than they could accept. They accepted the target 7,500 and are on track for $3B cost-out.
Calendar 2025 Q3
If you could just break down maybe the delta between the add-backs going from $66 million to the $302 million in the quarter
Show response
Brian confirmed driver severance is 80% of the charge increase. Carol specified $166M of $175M total driver buyout cost hit Q3, minimal remaining in Q4. Total network reconfiguration charges still within $400-650M range guidance.
Calendar 2025 Q1
have you had any conversations with how they would look to prepare, especially in the light of kind of what we just discussed
Show response
Carol noted large enterprise retailers have financial capacity to manage through tariffs but smaller retailers are rethinking peak orders. Peak planning already begun with scenario modeling.
FDXFedEx3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
Would love to get your thoughts and your ability to compete in this very competitive SMB market.
Show response
Carere downplayed Amazon as a new threat, citing double-digit SMB growth, mid-90s+ SMB renewal rates, and the strongest B2B and B2C value proposition.
Calendar 2026 Q1
can you talk a bit about those magnitude of investments we should expect to see? Is the fiscal 3Q a level something
Show response
Marshall Witt confirmed separation costs accelerated in Q3 and will continue in Q4, driven by IT infrastructure build-out and talent acquisition. Volumes reflect broader LTL industry weakness. Deferred detailed outlook to Freight Investor Day on April 8.
Calendar 2025 Q4
I know you said it's tracked in line, but I think there's been a lot of commentary at a high level that we've seen talking about a k-shape recovery
Show response
Carere reported peak tracking to forecast with mid-single-digit ADV growth. Small/medium businesses slightly above forecast while large retailers slightly below, favorable from a revenue quality perspective. Six days remaining.
NSCNorfolk Southern Railway3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
if the merger goes through, I can imagine it creates maybe some uncertainty for your customers.
Show response
Mark George said the merger is accelerating rather than paralyzing customer decision-making.
Calendar 2025 Q3
hear your view how to early on mitigate any of that integration risk or network disruption that could come as a result of the merger
Show response
CEO emphasized deliberate, no-mistakes approach with extensive benchmarking and leveraging talent from both teams. COO cited his prior merger experience and positioned PSR 2.0 transformation as proven ability to navigate complexity. Both stressed entering merger from foundation of strong safety and service.
Calendar 2025 Q1
how is your pipeline of opportunities changed at all as of late, just given kind of the uncertainty in the market
Show response
CMO noted industrial development pipeline expanding as domestic and international firms seek US manufacturing sites, though decision timelines extending. Some tariff pull-forward possible but not meaningful.
CHRWC.H. Robinson1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
what this could mean from an ongoing insurance as well as legal cost that you could face
Show response
Damon said insurance will inflate industry-wide but CHRW is covered through 2026 and carries an asset-carrier-like insurance stack, easing the post-verdict transition.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| RSG Republic Services | 10 | 0%none of 10 questions |
| WM Waste Management | 6 | 0%none of 6 questions |
| CSX CSX Corporation | 5 | 0%none of 5 questions |
| CTAS Cintas | 5 | 0%none of 5 questions |
| ROL Rollins, Inc. | 5 | 0%none of 5 questions |
| UNP Union Pacific Corporation | 5 | 0%none of 5 questions |
| ODFL Old Dominion Freight Line | 4 | 0%none of 4 questions |
| UPS United Parcel Service | 4 | 0%none of 4 questions |
| FDX FedEx | 3 | 0%none of 3 questions |
| NSC Norfolk Southern Railway | 3 | 0%none of 3 questions |
- RSGRepublic Services · 10 questions0%none of 10 questions
- WMWaste Management · 6 questions0%none of 6 questions
- CSXCSX Corporation · 5 questions0%none of 5 questions
- CTASCintas · 5 questions0%none of 5 questions
- ROLRollins, Inc. · 5 questions0%none of 5 questions
- UNPUnion Pacific Corporation · 5 questions0%none of 5 questions
- ODFLOld Dominion Freight Line · 4 questions0%none of 4 questions
- UPSUnited Parcel Service · 4 questions0%none of 4 questions
- FDXFedEx · 3 questions0%none of 3 questions
- NSCNorfolk Southern Railway · 3 questions0%none of 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q1 | 8 | 0%none of 8 questions | 6 |
| 2025 Q2 | 9 | 0%none of 9 questions | 6 |
| 2025 Q3 | 11 | 0%none of 11 questions | 8 |
| 2025 Q4 | 8 | 0%none of 8 questions | 7 |
| 2026 Q1 | 7 | 0%none of 7 questions | 7 |
| 2026 Q2 | 8 | 0%none of 8 questions | 8 |
- 2025 Q18 questions · challenge rate 0% (none of 8 questions) · 6 companies
- 2025 Q29 questions · challenge rate 0% (none of 9 questions) · 6 companies
- 2025 Q311 questions · challenge rate 0% (none of 11 questions) · 8 companies
- 2025 Q48 questions · challenge rate 0% (none of 8 questions) · 7 companies
- 2026 Q17 questions · challenge rate 0% (none of 7 questions) · 7 companies
- 2026 Q28 questions · challenge rate 0% (none of 8 questions) · 8 companies
Topics
Topics tagged on this analyst’s questions.
- Demand14
- M&A13
- Competitive Dynamics12
- Cost Pressure9
- Innovation & R&D9
- Pricing8
- Macroeconomic7
- Margin6
- Capital Allocation4
- Revenue Growth4
Show all 18 topics
- Supply Chain4
- Labor Market3
- Regulation Policy2
- Cloud & AI2
- Capex Investment2
- Geographic Expansion1
- Guidance Reliability1
- Trade Tariffs1